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read moreFrequently Asked Questions
How does the loan application process work?
Typically we complete a face to face interview and complete a loan application and needs analysis. The next step isthat the loan is processed electronically to the nominated financial institution. Note: It is important that all required information is obtained prior to this point as this can delay your application.
How long does the approval process take?
Provided that all the information is provided upfront then the conditional approval can be gained in as little as 24 hours. This varies from Bank to Bank and depends on the Bank’s own guidelines. Formal approval will only be provided when all the Bank’s requirements have been met. This may include a valuation and these can take up to 7 working days. In the event that mortgage insurance is a requirement then Following all of the Banks requirements being completed then the loan will be submitted to the Mortgage insurer for formal approval. This can take as little as 24 hours.
What about documentation?
The lending Institution will pass the file onto their document preparation team. This usually takes up to 5 working days. The documentation , including a mortgage document will be sent to either you or your nominated solicitor etc. It is important that your documentation is actioned correctly so as not to delay the drawing of the loan. Once the loan documents have been signed and returned they will be checked and then the file will be passed to the settlement or drawing team. At this stage the settlement team will liase with your nominated solicitor or conveyance to ensure that settlement is effected.
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